The trial balance of Lax Ltd at $30$ June $2022$ was as shown below. LAX LTD Trial Balance as at $30$ June $2022$ Debit Credit Share capital $($ordinary shares issued at $$2,$ fully paid$)$ $$200000$ General surplus $25000$ Retained earnings $73400$ Revaluation surplus $85000$ Mortgage loan $($secured over land and buildings$)250000$ Bank overdraft $($at call$)709007\%$ debentures $80000$ Interest payable $2800$ Accounts payable $69500$ Dividend payable $10000$ Employee benefits payable $34200$ GST payable $18400$ Allowance for doubtful debts $12800$ Accumulated depreciation $$ plant and equipment $42500$ Accumulated impairment losses $$ goodwill $10000$ Cash at bank $$500$ Accounts receivable $67800$ Inventory $87700$ Prepaid insurance $7000$ Plant and equipment $222500$ Land $220000$ Buildings $380000$ Goodwill $50000$ Government bonds $($long$-$term$)35000$ Shares in Carncotton Ltd $20000$ Sales revenue $825000$ Cost of sales $450000$ General expenses $265000$ Loss on sale of plant $10000$ Interest received $2500$ Dividends received $3500$ $$1815500$ $$1815500$ Additional information $1.$ General expenses for the year include the following items. Depreciation $-$ plant & equipment $$17,200$ Depreciation $-$ buildings $15,000$ Employee benefits $11,600$ Bad debts $10,000$ Interest expense $28,700$ Inventory losses $6,200$ Discount allowed $4,200$ Council rates $16,120$ Superannuation contributions $7,0002.$ The company tax rate is $30\%,$ to be applied to profit before tax. $3.$ The opening balance of the allowance for doubtful debts was $$15250.4.$ All assets are carried at cost$,$ except for land and buildings, which are carried at fair value. $5.$ During the year, $50000$ shares were issued at an issue price of $$2$ each, payable in full on application. $6.$ On $30$ June $2022,$ the directors revalued land and buildings based on fair values. The carrying amounts of land and buildings before the revaluation were $$195000$ and $$350000$ respectively. $7.$ The mortgage loan is repayable in annual instalments of $$50000$ starting on $1$ March. $8.$ The debentures are to be redeemed on $31$ March $2022.$ There is no plan to refinance these debentures in the future. $9.$ The employee benefits payable consist of the following. Annual leav $$18,400$ Lomg$-$service leave $15,80010.$ No employee is eligible for long$-$service leave until $2023.11.$ Goodwill is not considered to be impaired. $12.$ During the year, Lax Ltd sold an item of plant for $$38000.$ The carrying amount of the plant at the date of sale was $$48000.13.$ During the year, an interim dividend of $$20000$ was paid, and a final dividend of $$10000$ was declared. $$25000$ was also transferred to the general reserve. Required: This question has two parts $-$ answer parts $($a$)$ and $($b$)$ below by entering your answers into the templates provided. $($a$)$ Prepare a Statement of Profit or Loss and Other Comprehensive Income for Lax Ltd for the year ended $30$ June $2022,$ according to the requirements of IAS $1/$AASB $101.($b$)$ Prepare the Retained Earnings account for the year ended $30$ June $2022.$ Please provide detailed asnwer with relevant notes in detail.